The inventory declined at an accelerated pace, and suppliers actively stood firm on quotes for shipments. The overall trading activity was moderate. [SMM South China Spot Copper]

SMM April 21 News:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were quoted at a premium of 160 yuan/mt to 210 yuan/mt, with an average premium of 185 yuan/mt, up 40 yuan/mt from the previous trading day. SX-EW copper was quoted at a premium of 100 yuan/mt to 120 yuan/mt, with an average premium of 110 yuan/mt, up 40 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 76,530 yuan/mt, up 185 yuan/mt from the previous trading day, while the average price of SX-EW copper was 76,455 yuan/mt, up 185 yuan/mt from the previous trading day.

Spot market: Inventory in Guangdong has declined for 13 consecutive days, with arrivals remaining low and consumption strong, leading to a continuous decline in spot inventory and accelerated destocking. Inventory has dropped by nearly 10,000 mt over the past two trading days. Stimulated by this, spot premiums have risen rapidly. Low-priced copper was quickly swept at the opening, and premiums continued to rise. By 11:00, high-quality copper against the front-month contract was quoted at a premium of 230 yuan/mt, standard-quality copper at 180 yuan/mt, and SX-EW copper at 130 yuan/mt. Overall, although premiums have risen significantly, downstream purchasing enthusiasm remains moderate, and premiums are expected to have further room to rise tomorrow.

In general, with inventory declining rapidly, suppliers are standing firm on quotes, and overall trading activity is moderate.

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